Nearly 50% of UK SMEs are worried about the availability of insurance for their business, according to new research by Norwich Union.
It also revealed that businesses were not prepared to cut corners on cover.
The survey of 500 SMEs showed that 45% consider the price and availability of commercial insurance to be a considerable risk to their business.
But expectations for year-on-year premium increases were limited. Only 40% expected insurance premiums to go up every year.
74% agreed that insurance was an essential part of a successful business – only 15% confessed that if insurance was not a legal requirement, they would not bother to insure. And only 12% were worried that they are under-insured.
